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1 Fr persnal use nly NSL Cnslidated Ltd 21 September 2016 Dawn James Australian Securities Exchange Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000 RESPONSE TO ASX PRICE VOLUME QUERY We refer t the ASX Query dated 21 September, 2016 and respnd t each f the questins as fllws: 1. N. 2. Nt Applicable. 3. The Cmpany has recently made varius annuncements relating t prgress f its business as the nly freign cmpany t wn and perate irn re mines in India. In particular, prgress f the Phase Tw wet beneficiatin plant fabricatin and cnstructin, and expected cmmencement f cmmissining in September 2016, which included: Phase Tw Wet Plant Update. Refer t annuncement dated 24 August 2016: The Cmpany highlighted that the Phase Tw wet beneficiatin plant erectin stage accelerates accrding t schedule; Specialist plant erectin cntractr n site wrking clsely with NSL and Huate teams, prviding the resurcing t mve t cmpletin n schedule; The arrival n site f large scale cranes enables the larger Chinese equipment t safely be transprted, traversed and placed int final plant psitin; Key magnetic separatin cmpnentry erectin cmplete, classifiers and ball mills cmmenced; The electrical and piping installatin will ccur in parallel t the Chinese equipment; and Phase Tw wet beneficiatin plant n schedule fr September 2016 cmmissining and Q psitive cash flw. Phase Tw Wet Plant Erectin Stage n Schedule. Refer t annuncement dated 6 September 2016: The Cmpany highlighted that the Phase Tw wet beneficiatin plant erectin stage cntinues n schedule; Cnstructin f 33kV electrical pwerline and switch yard near cmpletin; PO Bx 1755, WEST PERTH WA 6872, AUSTRALIA ABN

2 Fr persnal use nly NSL Cnslidated Ltd All majr Chinese equipment safely traversed and placed int final plant psitin; Key magnetic separatin cmpnentry, classifiers and ball mills cmplete; The electrical and piping installatin is ccurring in parallel t the Chinese equipment; and Phase Tw wet beneficiatin plant n schedule fr cmmissining t cmmence in September 2016 and Q psitive cash flw. The recent trading vlume may represent the grwing awareness and understanding in the market place fr the ptential f the Cmpany s Indian irn re business; and 4. We cnfirm that the Cmpany is in cmpliance with the Listing Rules and, in particular Listing Rule 3.1. Yurs faithfully, Sean Henbury Cmpany Secretary PO Bx 1755, WEST PERTH WA 6872, AUSTRALIA ABN

3 Fr persnal use nly 21 September 2016 Mr S Henbury Cmpany Secretary NSL Cnslidated Limited Suite 3, 17 Fley Street BALCATTA WA 6021 Dear Sean NSL CONSOLIDATED LIMITED ( ENTITY ): ASX PRICE AND VOLUME QUERY We nte a change in the price f the Entity s securities frm an pening price f $0.027 n 20 September 2016 t an intra-day high f $0.031 at the time f writing tday, 21 September We als nte an increase in the trading vlume f the Entity s securities tday t a level that is significantly abve the average trading vlume n days when the Entity s securities are traded. In light f the price and vlume increase, ASX asks yu t respnd separately t each f the fllwing questins. 1. Is the Entity aware f any infrmatin cncerning it that has nt been annunced t the market which, if knwn by sme in the market, culd explain the recent trading in its securities? 2. If the answer t questin 1 is yes : (a) Is the Entity relying n Listing Rule 3.1A nt t annunce that infrmatin under Listing Rule 3.1? Please nte that the recent trading in the Entity s securities wuld suggest t ASX that such infrmatin may have ceased t be cnfidential and therefre the Entity may n lnger be able t rely n Listing Rule 3.1A. Accrdingly, if the answer t this questin is yes, yu need t cntact us immediately t discuss the situatin. (b) Can an annuncement be made immediately? Please nte, if the answer t this questin is n, yu need t cntact us immediately t discuss requesting a trading halt (see belw). (c) If an annuncement cannt be made immediately, why nt and when is it expected that an annuncement will be made? 3. If the answer t questin 1 is n, is there any ther explanatin that the Entity may have fr the recent trading in its securities? ASX Cmpliance Pty Limited ABN Level 40, Central Park St Gerge's Terrace Perth WA Custmer service

4 Fr persnal use nly 4. Please cnfirm that the Entity is in cmpliance with the Listing Rules and, in particular, Listing Rule 3.1. When and where t send yur respnse This request is made under, and in accrdance with, Listing Rule Yur respnse is required as sn as reasnably pssible and, in any event, by nt later than 4pm tday 21 September 2016 AWST. If we d nt have yur respnse by then, ASX will have n chice but t cnsider suspending trading in the Entity s securities under Listing Rule Yu shuld nte that if the infrmatin requested by this letter is infrmatin required t be given t ASX under Listing Rule 3.1 and it des nt fall within the exceptins mentined in Listing Rule 3.1A, the Entity s bligatin is t disclse the infrmatin immediately. This may require the infrmatin t be disclsed befre the deadline set ut in the previus paragraph. ASX reserves the right t release a cpy f this letter and yur respnse n the ASX Market Annuncements Platfrm under Listing Rule 18.7A. Accrdingly, yur respnse shuld be in a frm suitable fr release t the market. Yur respnse shuld be sent t me by at tradinghaltsperth@asx.cm.au. It shuld nt be sent directly t the ASX Market Annuncements Office. This is t allw me t review yur respnse t cnfirm that it is in a frm apprpriate fr release t the market, befre it is published n the ASX Market Annuncements Platfrm. Listing rule 3.1 Listing Rule 3.1 requires a listed entity t give ASX immediately any infrmatin cncerning it that a reasnable persn wuld expect t have a material effect n the price r value f the entity s securities. Exceptins t this requirement are set ut in Listing Rule 3.1A. The bligatin f the Entity t disclse infrmatin under Listing Rules 3.1 and 3.1A is nt cnfined t, nr is it necessarily satisfied by, answering the questins set ut in this letter. In respnding t this letter, yu shuld have regard t the Entity s bligatins under Listing Rules 3.1 and 3.1A and als t Guidance Nte 8 Cntinuus Disclsure: Listing Rules B. Trading halt If yu are unable t respnd t this letter by the time specified abve, r if the answer t questin 1 is yes and an annuncement cannt be made immediately, yu shuld discuss with us whether it is apprpriate t request a trading halt in the Entity s securities under Listing Rule If yu wish a trading halt, yu must tell us: the reasns fr the trading halt; hw lng yu want the trading halt t last; 2/3

5 Fr persnal use nly the event yu expect t happen that will end the trading halt; that yu are nt aware f any reasn why the trading halt shuld nt be granted; and any ther infrmatin necessary t infrm the market abut the trading halt, r that we ask fr. We may require the request fr a trading halt t be in writing. The trading halt cannt extend past the cmmencement f nrmal trading n the secnd day after the day n which it is granted. Yu can find further infrmatin abut trading halts in Guidance Nte 16 Trading Halts & Vluntary Suspensins. Please cntact me immediately if yu have any queries r cncerns abut any f the abve. Yurs sincerely [sent electrnically withut signature] Dawn James Adviser, ASX Listings Cmpliance 3/3